All Forum Posts by: Andrew Nuttall

“In the long run” that should say. No way to edit posts in the iOS app?

Follow your lease to the T. Start looking but keep the deposit, that’s your pay for having to find a new tenant (property managers charge 1 month rent) and her penalty for ending the lease early. “Being nice” only promotes her irresponsibility and in the life my run does her no good. Of course if there are dire circumstances or some sort of major tragedy then you can consider it. But in general even for such circumstances I would still keep the deposit and offer some sort of other gift (plane tickets, help paying for something) that is from you personally, not from your rental business.

So an update. I am currently working with All County as our property manager and am fairly pleased with there service other than some issues with communication. We did end up getting a property in Coatesville that was redone by a fix and flipper to be top shape. Means it cost more than it should, but also got me at least $100 more rent per month than it would have. Also I am now working with the flipper to learn a lot more and hopefully partner on some projects soon. All in all things are going well and I'm already looking to pick up a multi family.

Pretty simple issue, new investor who moved into a new house 2 years ago a bought a single family unit last November, who is having trouble financing a larger multi unit. With very conservative numbers I have found two deals locally, one a 8 unit for 515k and a 3 unit for 225k. Both fully rented and making 10+ cap rates that would easily cash flow $100+ per unit even at 100% financing assuming 30years and 5%. The problem is my debt to income is right around 45% already thanks to 100% financing my first property, and I don't have cash on hand for the 25% that is required for traditional multi units. Are there credit unions or private lenders who do things like 100% for 30 years? I'm in the suburbs of Philly if that helps. Any other ideas? I do have the Little or No Money Down book ordered so maybe that will answer some questions.

So I started working on a data parsing script to import data from MLS searches my realtor sends me. I figured I'd do a quick search to see if anyone had done it yet and imagine my surprise when this post popped up on google and the author lives just down the road (just moved from WC to Frazer/Malvern). I like your approach and was going to look into Zillow and google for additional local data as well. Once I get a bit farther on the MLS part we should get together to compare notes.

@Ryan Hoer We are buying a house in Coatesville still, a bit more on the West side where it is a little nicer.

@Joseph Leofsky I will probably contact you soon as we are likely to go with property management.

No property management company yet, we bailed on the first house after the inspection came back with too many issues that could rack up high costs. We are now closing on a house that isn't quite as good on cash flow, but has been completely redone by an acquaintance who is a friend of a friend. 

With the higher quality location we are planning on giving self management a go. I just finished my first time through the property management book from BiggerPockets and am going through it again. Hopefully I don't make too many major mistakes. =)

New owner/investor here closing on my first property in Coatesville, PA. I have a couple friends who own rental properties but was looking to see if anyone else in the area has good or bad experiences with any property management companies? Anyone having good luck with a company they'd like to suggest, or any I should avoid? Thanks.